The evolution of gambling has been nothing short of staggering. From simple table games to the immersive slot machine experiences provided by online casinos today, gambling has always adapted to the changing times. Something that doesn’t get spoken about as much, however, is that payment methods have also evolved to meet the needs of players. Back in the day, online casinos and sports betting websites dealt primarily with debit card transactions. These days, times have changed, and these gambling establishments now allow players to use a variety of payment methods, including e-wallets and even cryptocurrency.
An example of such an option is Paysafecard, which has taken the online gambling world by storm. At a time when people are becoming increasingly concerned about the security of online transactions, Paysafecard looks to address this directly.
Paysafecard is a prepaid online payment method that allows people to make transactions without having to use a bank account, debit card, or credit card. To use it, customers buy vouchers that come with 16-digit codes. These codes are entered into online payment systems that accept Paysafecard to make purchases or deposits.
These days, online gambling websites offer customers several different payment methods, including the likes of debit cards, e-wallets, and even cryptocurrency. So, what makes Paysafecard different from alternative methods?
Well, Paysafecard offers people a prepaid method of funding online transactions. Instead of linking financial accounts to online vendors, Paysafecard uses a voucher system where users can buy a physical or digital voucher that contains a specific monetary value, and then use the associated 16-digit code to make transactions.
Some people may believe that the likes of PayPal allow users to make purchases similarly. However, there is a significant difference here because PayPal requires a bank account or debit card to be linked to fund the account (unless someone else is transferring money to the account), whereas Paysafecard does not.
Furthermore, Paysafecard doesn’t require a user to set up an account before using its service, whereas PayPal and other such alternative payment methods often do.
Several benefits make alternative digital wallets an attractive payment method for all kinds of people around the world:
Anonymity
One of the things that many people enjoy about Paysafecard is that it allows people to make payments for goods and services online without needing to reveal any of their personal information. For example, if you use a debit card, you’ll need to type in your name, address, and other such details. The same is even true for the likes of PayPal, where bank details need to be linked to the account to make payments. Its popularity amongst gamblers has meant that it has become very common to see Paysafecard in the gambling industry across many different sites, and anonymity is a big reason behind this.
Security
Similarly, not having to provide sensitive financial information when using Paysafecard provides an extra layer of security for users. When making payments online, there is always a risk of nefarious parties using sensitive details to steal identities or commit fraudulent activities. This isn’t possible when using Paysafecard because none of those details are linked when making a purchase.
Accessibility
Paysafecard is available to users around the world and, as it has become more popular, more land-based and online partners are offering Paysafecard vouchers for sale than ever before. This has made it easy for people to use and has also become a great option for people who may not have access to traditional banking services for whatever reason.
Financial Control
Prepaid purchase vouchers can have a positive impact on people who are trying to control their finances. For example, when you have traditional bank facilities, it’s easy to overspend and even get yourself into debt through things like overdraft facilities. As Paysafecard is a prepaid service, you can only spend the value of the voucher and, therefore, can gain improved financial control in some circumstances.
What Are the Cons of Using Digital Wallets?
As with all payment methods, there are a few potential cons of using Paysafecard, but it will depend on the user. For example, consider the following:
Limited Value and Fees
Although it can also be seen as an upside in some situations, the prepaid aspect of Paysafecard means that you can only spend up to the value of the voucher. If you wanted to make another deposit, you’d need to buy another voucher before being able to do so.
Furthermore, Paysafecard has two formats – without registration and with registration. The former has a maximum transaction amount of £40 and a monthly maintenance fee from the 2nd month. The latter has a maximum transaction amount of £1,000 and a monthly maintenance fee from the 13th month.
Withdrawal Issues
The biggest hurdle for some users is that you cannot withdraw funds to a payment method like Paysafecard, so you’d need an account with an alternative method – such as PayPal – to be able to do so.
Not Universally Accepted
Although digital wallets are increasing in popularity, they are still not universally accepted. Therefore, to use some online vendors, you may still require another payment method.
Why are these Popular with Gamblers?
As mentioned above, there are several reasons why digital wallets are popular with gamblers. The privacy they can provide due to not requiring entry of financial details is one of the biggest reasons, but we also need to consider the fact that it increases security, provides anonymity, and doesn’t require a linked bank account.
The fact that some offer instant deposits makes it a great choice for those adding funds to an online casino or sports betting website, and its prepaid nature can also lead to improved budget management for those worried about overspending through other payment methods.
